Category: Business
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IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey
Ahead of the commencement of in-person meetings between the Government of Ghana and the delegation from the International Monetary Fund on Wednesday 6th July 2022, the Director of the Institute for Statistical, Social and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey believes the Fund will reject any program that will see…
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Golden Tulip Hotels not sold; leased for 12 years – Management
The management of Golden Tulip Hotels, the Ghana Libyan-Arab Holding Company (GLAHCO) says the hotels have not been sold as reported in the media. It said the hotels have instead been leased to Achour Holdings, operators of Grand Lancaster chain of hotels, for 12 years. In a statement, the management explained that the previous leasee,…
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Tullow Ghana awards KNK contract to Petrofac as part of transformation project
Tullow Ghana Limited (Tullow), operator of the offshore Jubilee and TEN fields, has awarded a 5-year contract to Petrofac Ghana (Petrofac) to support Operations and Maintenance activities on the FPSO Kwame Nkrumah (KNK). Petrofac is the largest amongst a number of companies, all of which are either indigenous Ghanaian firms or local joint ventures, which…
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We did no wrong in sale of 260 metric tonnes of slop oil – TOR
Management of the Tema Oil Refinery (TOR) has refuted claims of wrongdoing in a recent sale of about 260,000 tonnes of slop oil. This follows a recent publication that suggested that TOR was involved in a shady deal with some unlicensed companies. The report revealed what it described as a shady transaction between state-owned Tema…
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Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG
Governor of the Bank of Ghana, Dr. Ernest Addison is urging banks and non-bank financial institutions on the continent to increase investments in digitisation platforms as well as cyber-security systems to facilitate safe and secure trade transactions through the Africa Continental Free Trade Area, AfCFTA agreement. According to him, this will ensure the development of…
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Fuel prices to go up as NPA announces restoration of UPPF margin
The National Petroleum Authority (NPA) has announced that it is restoring the full Unified Petroleum Price Fund (UPPF) margin on petroleum products. It made the announcement to players in the industry on Thursday June 30, 2022, indicating that the decision takes effect from Friday, July 1, 2022. “We hereby wish to inform you that, following…
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Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership
Abanga Farms & Food Systems Limited, a Ghanaian agricultural-based company, has taken delivery of the first consignment of top-quality beef from MEATCO, the Namibian meat producing and exporting company, to distribute in Ghana. It is the first of its kind between the SADC and ECOWAS regions. At a ceremony on Wednesday, June 29, 2022, at…
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Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister
The Minister of Food and Agriculture Dr. Owusu Afriyie Akoto, has reiterated government’s plan to introduce legislation that will compel banks to lend more to the Agriculture sector. He made the remark at the launch of the Agriculture Stakeholder Convening and Advocacy Platform (ASCAP) by GIRSAL in Accra. The platform will seek to engage government…
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Financial transactions will be allowed even without Ghana card from 1st July – GAB assures
The Ghana Association of Banks has assured that despite the end of the period given for customers of financial institutions to update their data with the Ghana Card, they will be able to still carry out banking transactions even without the card. The directive regarding the update of the data of customers of financial institutions…
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Enterprise Group PLC records 37% rise in revenue in 2021
Leading Insurance Company, Enterprise Group PLC, has recorded an increase in revenue of 37 percent for the year ended 2021, amounting to GHS1.16 billion. This growth in revenue, according to the company, resulted in profit after tax of GH¢122 million for the year under review. This however represents a decrease in profit after tax compared…